A$ Holds Sub 0.6400, RBA's Lowe & July Trade On Tap Today

AUD/USD was relatively range bound post the Asia close on Wednesday. Moves above 0.6400 drew selling interest, but the pair didn't test back sub the 0.6360 level (which marked earlier lows on Wednesday). We track near 0.6380 currently, little changed versus end Tuesday levels in NY. Broader USD moves were also muted, although the BBDXY is holding close to recent highs (last near 1255.64).

• The local data calendar has July trade figures on tap today. The market expects a trade surplus of A$10bn (prior was A$11.3bn).
• We do hear from RBA Governor Lowe (04:10 BST) in an addressed titled 'Some Final Remarks' which comes before his term as Governor expires in 10 days (the speech can be watched here).
• Cross asset headwinds were evident for the AUD through Wednesday's session. US yields rose, mostly at the front end, with the 2y UST yield back close to 5.02%, aided by a better US ISM services print. US/EU equities were down across the board as well, although losses were generally less than 1%.
• Aggregate commodity indices moved lower, more so for base metals, down nearly 1%. Copper (CMX) finished down 1.62%, while Iron ore is back to $114.80/ton, a touch below recent highs.